Oildex Customers Process Process Record Payables

By Editorial Staff On May 10, 2013
Source: Oildex

Denver—May 9, 2013—Oildex, a provider of cloud-based smart information management solutions to the energy industry, announced that, in April, its customers processed a record volume of payables through the Spendworks platform. In addition, electronic vendor participation was at an all-time high, representing multiple billions of dollars in transaction detail.

Oildex provides one of the largest supplier networks in the oil and natural gas industry, giving Spendworks users access to thousands of energy industry suppliers and service companies who send digital invoices.

One Oildex customer, who uses the system to process more than 80 percent of its invoices electronically said, “We receive over 80,000 invoices a month, so it’s very beneficial if vendors send them electronically. That way they know for a fact that we received the invoice, and we’re not getting calls weeks or months later from someone looking for payment. This saves us time, improves productivity and strengthens our relationships with vendors.”

Supplier cooperation is an essential part of a successful ePayables program. That is why Oildex makes it a point to work directly with suppliers. Oildex’s dedicated Vendor Services Team is credited with enabling suppliers of all sizes to submit electronic invoices to their customers through the Spendworks platform.

“We strive to provide a complete delivery solution from the large OFS Portal members to the small ‘Mom and Pop’ vendors,” said Nicole Miles, Oildex’s Manager of Vendor Services. “The result: oil and gas operators are able to process invoices more quickly, giving them the opportunity to take advantage of early payment discounts.”